Iran's conservative-led Guardians Council has paved the way for approval of a bill to protect foreign investments in the Islamic republic, the state IRNA news agency reported Friday, August 24.

It cited an MP in the reform-majority parliament saying the powerful oversight Council had agreed to "several changes" to the landmark bill, which it rejected in June.

"The commission will soon submit the revised bill to parliament for the chamber's green light," said MP Mohammad Shahi-Arabloo, head of parliament's economics subcommittee. "Parts of the bill deemed unconstitutional by the Guardians Council have been revised," he said.

The Council, which ensures all legislation conforms both to the constitution and Islamic law, said in June that the bill could encourage foreign "domination" of Iran's economy.

The bill sought to bar the seizure or nationalization of authorized foreign assets except "in the national interest and following legal procedure," removing a crucial stumbling block to investor confidence.

It would have also allowed foreign investors to enjoy all the rights and assistance given to their Iranian counterparts, although they are barred from holding a monopoly or having special rights. ― (AFP, Tehran)